Malta’s Minister of Finance, the Economy and Investment, Tonio Fenech, has announced the signing of a protocol to amend the double taxation agreement (DTA) of June 28, 1974, between Malta and Belgium.
The protocol was signed by Fenech and his Belgian counterpart, Didier Reynders, and adds administrative protocols for the exchange of tax information in accordance with the Organization for Economic Cooperation and Development's (OECD's) standard on tax information exchange and transparency.
When the protocol amending the treaty enters into force, upon ratification by the respective countries’ governments, the DTA will allow the countries’ tax authorities to request information pertaining to resident taxpayers where there is evidence of the perpetration of fiscal crime.
Commenting on the signing, Fenech observed that the protocol will further enhance Malta’s ability to develop trade relations with other countries and attract inward direct investment, and noted the importance of establishing the latest standards in the island's DTA network. He noted that Malta and Belgium share important trade links, which have developed markedly since Malta’s accession to the European Union.
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